Generation X can work into retirement age and delay Social Security benefits until 70 to help boost their retirement savings.
Generation X feels less prepared for retirement than other generations despite approaching it sooner.Much of Gen X is in the "sandwich generation," taking on the financial burden of caring for both adult children and aging parents.As older members of Generation X inch toward their golden years, the pressure of retirement saving is on — especially for those sandwiched between the financial burdens of caring for both elderly parents and adult children.
"I think where it's very stressful for is being sandwiched in that tug of war, saving for their retirement as well as helping aging parents," said Marguerita Cheng, a certified financial planner and Gen X mother. "Even if they don't have aging parents, their parents are fine, there is still that tug of war between retirement savings and helping their kids with education.
"Generation X is the guinea pig for the 401," said CFP Preston D. Cherry, founder and president of Concurrent Financial Planning.Uber driver made just $80 one week: 'Uncertainty eats away at you' "They're having to make constant decisions to choose how much they're going to contribute to their 401," Cherry said. "That's why we have automatic enrollment now, because it was so much of an under-allocation for so many years.". That report was based on a survey of 1,000 respondents conducted between March and April 2024.
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